The competition watchdog has accepted proposals to resolve concerns about Wood Group’s purchase of Amec Foster Wheeler.
The news comes after the Competition and Markets Authority (CMA) last month warned the proposed £2.2 billion takeover of the oil services firm by its larger rival raises concerns in the supply of engineering and construction services and operation and maintenance services on the UK Continental Shelf.
The companies offered to sell Amec Foster Wheeler’s businesses in these areas to address the concerns.
Kate Collyer, CMA Deputy Chief Economic Adviser said: “It is crucial that competition is maintained in this major UK industry. We have therefore conducted a thorough investigation into this merger and believe that the sale of Amec Foster Wheeler’s assets will address our concerns and ensure that customers in the North Sea continue to be able to obtain competitive bids.”
The CMA added it will not refer the deal for an in-depth, phase two investigation.